Iceland fixed the banking crisis by letting them fail.

Image result for Iceland banking crisis

 

The idea that in Australia the banks will get punished for their appalling behaviour will not eventuate. It will be business as usual. It might be worth looking how Iceland got out of a similar crisis.

“The 2008 global financial crisis hit Iceland hard. The currency crashed, unemployment soared and the stock market was more or less wiped out.

But unlike other Western economies, the Icelandic government let its three major banks – Kaupthing, Glitnir and Landsbankinn – fail and went after reckless bankers. Many senior executives have been jailed and the country’s ex-prime minister Geir Haarde was also put on trial, becoming the first world leader to face criminal prosecution arising from the turmoil. although he was subsequently cleared of negligence.

So what can – or should – other countries learn from how Iceland responded?”

Seeing that the LNP refused a royal commission 26 times in Parliament, the question arises if our present, Scott Morrison and the former PM Malcolm Turnbull, should also be put under scrutiny and prosecuted if shown to have failed in their duty to protect the citizens from the banking rorts. Dead people were sold insurances and financial packages! It has been a national ‘free for all’ rip off. An orgy of terminal capitalism.

The rich getting richer, the poor poorer.

Have a look at how things can be turned around. https://www.bbc.com/news/business-35485876

 

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16 Responses to “Iceland fixed the banking crisis by letting them fail.”

  1. freefall852 Says:

    Well could it be said that ; “The criminal activities of Big Corp’ and Big Banking were plotted and perfected on the writing desks of the Elite Private Schools and Colleges .”

    Liked by 3 people

    • gerard oosterman Says:

      I am not so sure that both parties are now peopled by the ‘private schools’ brigade.
      Did one notice the well practised frown of indignation on the face of that Ken Henry bloke when questioned during the investigation?
      Those frowns are handed down from generation to generation.

      Like

  2. DisandDat Says:

    Yes you have point there.

    Liked by 1 person

  3. Curt Mekemson Says:

    On the walls of a building at Burning Man: Give a man a gun and he may rob a bank; give a bank a gun and it will rob the world. A common burglar normally gets much more prison time than bankers who rip off millions. –Curt

    Liked by 2 people

  4. doesitevenmatter3 Says:

    The rich ARE getting richer and the poor ARE getting poorer. So true.
    Thanks for the link! I’m very interested!
    (((HUGS)))

    Liked by 2 people

  5. stuartbramhall Says:

    We’re still trying to pressure the NZ government to do their own royal commission inquiry into the Australian banks that run our economy. No luck so far.

    Liked by 1 person

  6. freefall852 Says:

    https://freefall852.wordpress.com/2019/02/05/the-golden-triangle-private-wealth-private-education-public-authority/

    Liked by 1 person

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